Singapore GDP Grows 1.8% YoY In Q4

The Singaporean economy advanced 1.8 percent year-on-year in the fourth quarter of 2016 after growing by an upwardly revised 1.2 percent in the previous period and above market consensus of a 0.6 percent expansion, the advance estimate showed. Considering the full year, the economy advanced 1.8 percent, exceeding the government's previous forecast of 1.0-1.5 percent expansion, but still the lowest growth since 2009.

Year-on-year, the manufacturing sector expanded by 6.5 percent, following a 1.7 percent growth in the previous three months, driven by the electronics and biomedical manufacturing clusters. The services producing industries advanced 0.6 percent, compared to a 0.3 percent growth in the September quarter, largely due to the other services industries, transportation and storage, and business service sectors.

By contrast, the construction sector contracted by 2.8 percent, extending the 0.2 percent decline in the third quarter, due to a sharper decline in private sector construction activities.

On a quarter-on-quarter seasonally-adjusted annualized basis, the economy grew firmly by 9.1 percent, following a downwardly revised 1.9 percent fall in the September quarter and better than market expectations of a 3.7 percent growth. It was the strongest growth rate since the second quarter of 2013, mainly due to a rebound in manufacturing (+14.6 percent from -8.1 percent in Q3) and services (+9.4 percent from -0.4 percent) while construction continued to fall (-4.7 percent from -14.8 percent).

For the whole of 2016, the economy advanced 1.8 percent from the previous year, exceeding the government's previous forecast of 1.0-1.5 percent expansion, but still the lowest growth since 2009. Manufacturing was the main driver of growth (+2.3 percent from -5.2 percent in 2015) while output rose at a slower pace for services (+0.9 percent from +3.4 percent) and construction (+1.3 percent from +2.5 percent).

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